SPRINGFIELD – A potential buyer has emerged for a long-vacant, fire-damaged historic duplex on Elliot Street, giving hope to local officials that the building can be saved and redeveloped.

The current owner, Angela M. Dennis of Springfield was granted approval last week by Housing Court Judge Robert G. Fields to enter into a purchase and sale agreement with the proposed buyer of the property at 25-27 Elliot St., identified in court documents as Wellington Financial of Boston.

“The city is very encouraged and very optimistic this will work out,” Associate City Solicitor Lisa C. DeSousa said. “Hopefully, with a combination of public and private money, Elliot Street will be able to be restored to its prior condition. It would be a win for everyone.”

The Elliot Street building, constructed in 1872 and adjacent to the federal courthouse on State Street, has been boarded since a fire in January 2008.

Following the fire, the Springfield Historical Commission rejected a request by Dennis and the building’s former owners to demolish the building. Commission members said they were not convinced that demolition was necessary, and their decisions have been upheld thus far by the Housing Court.

In May, Dennis pleaded with Fields to regain control of her property, which has been under a court-appointed receiver, the New England Farm Workers Council, since December of 2008.

In May, both she and her lawyer, Maurice C. Powe, said there were potential buyers who might restore the site. Fields said Dennis was free to market the property.

In his decision last week, Fields said that Dennis and the buyer could enter the building in coordination with the receiver. Dennis, however, cannot complete the sale until the agreement is approved by the court after a hearing, Fields said in the decision.

Powe said discussions are sensitive, and he is not immediately able to provide details of the plans for the property.

“We are hopeful it is going to happen,” Powe said Monday. “The court has given her approval to enter into a purchase and sale agreement and that is what she is doing.”

The new owner’s intent is to seek historic tax credits for any development, Powe said.

The Farm Workers Council in May submitted bills totaling $33,770, which it said were for its expenses since taking over responsibility for the site, including its legal costs, architectural services, a temporary roof, a fence, maintenance and inspections. Dennis has filed objections to $16,011 in receivership costs, with her objection not yet resolved in court.

Dennis purchased the property for $5,000 in March 2008, from two limited liability companies, initially saying she hoped it could be saved.